Tata Play Widens Net Loss Amidst Customer Churn and Content Dispute
Quick Look
- Tata Play's net loss increased to ₹551 crore in FY26 due to declining DTH subscribers migrating to free platforms and streaming services.
- Revenue fell 13.5% amid a dispute with Sony Pictures Networks India, impacting market share.
AI-generated summary
Why It Matters
Tata Play, a joint venture between Tata Sons and Walt Disney, is facing challenges in the DTH industry as customers shift to free platforms and streaming services. A dispute with Sony Pictures Networks India has further complicated its financial performance.
Tata Play, the 70:30 joint venture between Tata Sons and Walt Disney, widened its net loss to ₹551 crore in 2025-26, up 4.2% from ₹529 crore in the previous financial year, as the direct-to-home (DTH) industry continued to grapple with accelerating customer churn.
The company's revenue declined 13.5% to ₹3,530 crore from ₹4,082 crore, amid a migration of customers from DTH services to DD Free Dish, the free DTH platform owned by public broadcaster Prasar Bharati, as well as streaming platforms such as Netflix, Prime Video, YouTube and JioHotstar.
India's net pay DTH subscriber base fell to 51 million, as of December 2025, from 57 million in 2024-25 and 62 million in 2023-24.
Tata Play's market share has similarly declined, dropping to 31.08%, as of December 2025, from to 31.42% in 2024-25 and 32.53% in 2023-24. The losses and revenue decline also come amid Tata Play's prolonged standoff with Sony Pictures Networks India, whose channels have remained outside Tata Play's bouquets for more than a year. Industry executives said both Tata Play and Sony have suffered subscriber losses due to the dispute, which has reached the Telecom Disputes Settlement and Appellate Tribunal.
Queries sent to Tata Play remained unanswered till press time.
According to a Crisil report, Tata Play's average revenue per user (ARPU) increased about 1% year-on-year in 2025-26. ARPU is expected to increase moderately in the near term as the company usually raises prices twice a year.
What to Watch
AI outlook — possibilities, not facts
ARPU to increase moderately in the near term.
Likely · Short term
Open Questions
- Will Tata Play resolve its dispute with Sony Pictures Networks India?
- Can Tata Play reverse the customer churn trend?
